The state Department of Financial Services today issued an emergency order that requires banks to waive ATM, overdraft and credit card late fees for those who can show they’ve suffered economic hardships, like job loss or significant medical bills, as a result of the COVID-19 pandemic.
This formalizes a Saturday executive order from Gov. Andrew Cuomo that directed banks to provide mortgage and other relief to consumers. It applies only to New York-chartered banks, which are primarily smaller community banks.
New York-regulated institutions are also being required to provide 90 days of mortgage forbearance for any state resident who have suffered hardships related to COVID-19.